Source: MetalMiner IndX℠
The monthly Automotive MMI® registered a value of 101 in September, an increase of 2 percent from 99 in August.
“Despite headline automotive sales declining slightly between August and July, we note that the Automotive MMI® reflects the price points for a range of metals for the month of August,” clarified Lisa Reisman, managing editor of MetalMiner. “That basket of metals, unlike some of our other monthly index data, shows rising metal prices across the spectrum of metals comprising this index,” Reisman said.
Precious metal price improvements along with HDG and a steel scrap recovery all lent support to the complex.
Drivers of the Auto MMI® Increase
The price of US platinum bar rose 7.5 percent to $1,502 per ounce after falling the previous month. The price of US HDG rose 5.8 percent over the past month, the second straight month of gains. The 3-month price of copper saw its value rise 2.9 percent on the LME to $7,610 per metric ton. The price of Chinese lead saw a 0.4 percent rise for the month.
The price of Korean 5052 coil premium over 1050 sheet held generally flat over the past month, experiencing only a very slight uptick.
The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends over a 30-day period. For more information on the Automotive MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.